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States Scramble to Fill the Tax Gap

 

Last year, every taxpayer got a rebate from Uncle Sam. This year, budget-strapped states may take some of it back.

Taxes in 2002: Investing for Education
Taxes in 2002: Retirement Plans
Taxes in 2002: Estate Planning

As the economy has slumped, state tax revenues have shrunk, sending legislators scrambling to bridge the budget gap. "You can argue that it is worse right now than even the peak of the recession in '92" in terms of both the size of state budget shortfalls and the number of states cutting their budgets, says Raymond Scheppach, executive director of the National Governors Association. ...

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